Eaton (NYSE:ETN) Coverage Initiated at UBS Group

Equities researchers at UBS Group initiated coverage on shares of Eaton (NYSE:ETN) in a research note issued on Wednesday. The firm set a “buy” rating and a $431.00 price target on the industrial products company’s stock. UBS Group’s price objective would indicate a potential upside of 16.31% from the stock’s previous close.

Other equities analysts have also recently issued reports about the company. Wells Fargo & Company raised their target price on Eaton from $315.00 to $342.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Wolfe Research upgraded Eaton from an “underperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Sanford C. Bernstein assumed coverage on Eaton in a research report on Tuesday, November 5th. They set an “outperform” rating and a $382.00 price objective for the company. Raymond James cut their price objective on Eaton from $375.00 to $365.00 and set an “outperform” rating for the company in a research report on Monday, September 9th. Finally, Mizuho raised their price objective on Eaton from $365.00 to $385.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $353.39.

Eaton Stock Up 0.4 %

ETN stock traded up $1.56 during midday trading on Wednesday, hitting $370.55. The company’s stock had a trading volume of 288,715 shares, compared to its average volume of 2,108,205. The company has a market cap of $146.44 billion, a PE ratio of 39.39, a P/E/G ratio of 2.98 and a beta of 1.01. Eaton has a 12 month low of $223.87 and a 12 month high of $373.49. The company has a current ratio of 1.53, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. The firm’s 50-day moving average is $331.19 and its 200-day moving average is $320.50.

Eaton (NYSE:ETN) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.80 by $0.04. The firm had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.37 billion. Eaton had a return on equity of 21.97% and a net margin of 15.32%. The company’s revenue was up 7.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.47 EPS. On average, equities research analysts forecast that Eaton will post 10.79 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Karenann K. Terrell purchased 500 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was purchased at an average price of $298.97 per share, with a total value of $149,485.00. Following the completion of the purchase, the director now owns 500 shares of the company’s stock, valued at approximately $149,485. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Heath B. Monesmith sold 49,040 shares of Eaton stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $301.02, for a total transaction of $14,762,020.80. Following the transaction, the insider now directly owns 71,262 shares of the company’s stock, valued at $21,451,287.24. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Karenann K. Terrell acquired 500 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were acquired at an average cost of $298.97 per share, for a total transaction of $149,485.00. Following the completion of the acquisition, the director now owns 500 shares of the company’s stock, valued at $149,485. The disclosure for this purchase can be found here. Insiders sold a total of 117,745 shares of company stock valued at $39,278,367 over the last 90 days. Insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Eaton

Several institutional investors and hedge funds have recently bought and sold shares of the company. Legal & General Group Plc grew its holdings in Eaton by 0.6% in the second quarter. Legal & General Group Plc now owns 3,206,251 shares of the industrial products company’s stock worth $1,005,317,000 after purchasing an additional 18,077 shares during the last quarter. Capital World Investors grew its holdings in Eaton by 323.8% in the first quarter. Capital World Investors now owns 3,192,576 shares of the industrial products company’s stock worth $998,255,000 after purchasing an additional 2,439,270 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in Eaton by 2.9% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,422,189 shares of the industrial products company’s stock worth $471,370,000 after purchasing an additional 40,078 shares during the last quarter. Janus Henderson Group PLC grew its holdings in Eaton by 15.5% in the first quarter. Janus Henderson Group PLC now owns 1,318,025 shares of the industrial products company’s stock worth $412,108,000 after purchasing an additional 176,571 shares during the last quarter. Finally, International Assets Investment Management LLC grew its holdings in Eaton by 27,075.5% in the third quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company’s stock worth $355,959,000 after purchasing an additional 1,070,024 shares during the last quarter. 82.97% of the stock is owned by hedge funds and other institutional investors.

Eaton Company Profile

Eaton Corporation plc operates as a power management company worldwide. The company’s Electrical Americas and Electrical Global segment provides electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality and connectivity products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services, as well as hazardous duty electrical equipment, emergency lighting, fire detection, explosion-proof instrumentation, and structural support systems.